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Neil Woodford’s Equity Income Fund – May portfolio update is just shocking.

By Nigel Somerville | Sunday 23 June 2019

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

I covered the May portfolio update from Neil Woodford’s Patient Capital Trust (WPCT) earlier today. Now I turn to his gated Equity Income Fund (WEIF). As a starting point, I note that its borrowings were up to 2.64%. With the fund valued at £3.7 billion it means the gating started with the massive headwind of a bank overdraft of £97.7 million which we have subsequently learned that the bank has demanded settlement of. Not a good start for a fund which was gated the next trading day facing, we learn, almost £300 million of redemptions. So Neil has to find £400 million just to pay that lot off.

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